At the risk of sounding like the proverbial broken record, the current GFC (global financial crisis) is the predictable result of a great debt super-cycle popping, beginning as early as 2000, but finally manifesting with certainty and very badly in 2008. And it continues to this day with no real resolution by TPTB (the powers that be).
Here’s a keeper (in our view) for your ongoing education regarding the times we are in.
Current Global Public Debt
We like this interactive overview published by The Economist and strongly recommend its periodic use to you. Basically all it does is disclose the Public Debt of the entire world and by hovering over a country, that country’s individual statistics. For instance, take a look at Canada, with debt of more than $1.5 trillion! Higher debt per capita than most of the worst countries we read about today.
You can also hover over calendar years to see vividly what we mean when we say ‘drinking oneself into sobriety doesn’t work’. If, as we believe, too much debt emerged as the #1 cause of global economic troubles, take a look at how much MORE public debt has been piled on in the four years from 2008 through today: more than 50%! Collectively the world has gone 50% more deeply into debt in order to get out of a ‘too much debt’ problem. Bear in mind these numbers do not factor in under-water public pension plan liabilities for which taxpayers are responsible to make whole. Nor does it include personal/household debt which is now at an all-time high here in Canada.
We hope you’ll investigate this resource regularly.
It forms part of our ongoing commitment to provide effective communication, education and leadership to you as we navigate you and yours through this time; and protect and prepare the investments you have entrusted to us to not only survive but to prosper through this time of unprecedented, worldwide debt build up and currency debasement.
Are you an American living in Canada?
There is an update on the IRS tax requirements
The Internal Revenue Service has plans to help US citizens living overseas, including dual citizens, catch up with their tax filings.
A new procedure has been introduced in September 2012.